Credit Score
A credit score is a number that ranges between 300 to 900 and reflects the credit behavior of a person. One of the top credit bureaus that generate credit reports is CIBIL. Banks and NBFCs evaluate the creditworthiness of the applicants through these reports only. Thus, it is true to say that the credit score of a person is the primary deciding factor based on which a person’s repaying capacity is judged.
How to boost your credit score?
People who seek loans from banks and NBFCs always try to increase their credit scores so that they can be eligible to get the required amount at low-interest rates. Let’s have a brief discussion on the various ways that can be followed for boosting your credit score:
Finding errors in the Credit Reports & removing them
Remaining on top of the Payments
Bring your Credit Utilization Rate Lower
Other than the above-mentioned ways, people can also build their credit score by self-reporting, adding themselves as authorized user to an existing credit card account of a friend or relative for lengthening their credit history, and limiting themselves from applying for new credit cards.
Source: https://bit.ly/3zug7xx
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